Korea will extend its temporary fuel tax cut for an additional two months through the end of April in a bid to ease the financial burden on consumers amid ongoing volatility in global oil prices, the Finance Ministry said Thursday.
U.S. President Donald Trump’s choice of Kevin Warsh as his nominee for the next U.S. Federal Reserve chair is reinforcing expectations of an extended interest rate hold in Korea.
The Kospi added 11.72 points, or 0.3 percent, to close at 3,857.78 as revived hopes for a U.S. rate cut and eased fears over AI uncertainties boosted appetite for risky assets.
Amazon is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company pares expenses and compensates for overhiring during the peak demand of the pandemic.
Korea's top economic policymakers said Thursday the latest interest rate cut by the U.S. Federal Reserve is expected to have a limited impact on the domestic economy.
Bitcoin reached a record high of $123,677, while ether and other cryptocurrencies also saw significant gains, driven by favorable macroeconomic data and expectations of potential U.S. Federal Reserve interest rate cuts.
The government will extend its temporary fuel tax cut, which was initially set to expire at the end of August, through the end of October as tariff-driven risks drive continued volatility in oil prices.
U.S. President Donald Trump urged fellow Republicans in the U.S. Senate on Tuesday to advance his sweeping tax-cut and spending bill, as party hardliners and moderates squabbled over proposed spending cuts.
The Ministry of Economy and Finance has said that it will extend the cut in fuel taxes through to the end of June, while partially scaling back the level of the reduction, which will result in a 40 won ($0.03) increase in gas prices starting May 1.
Rep. Kim Ye-ji of the People Power Party (PPP) attended a parliamentary meeting at the National Assembly in Yeouido, Seoul, on Feb. 27, accompanied by her new guide dog, Taebaek.
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